Prosecutor Brings Charges against Former Beluga Shipping CEO (Germany)

The Bremen Prosecutor’s Office announced that it has filed charges against former Beluga CEO Niels Stolberg for alleged credit fraud in 16 cases, the FinanzNachrichten reports.

The Beluga Shipping’s founder is accused of lying to banks that were issuing loans for financing newbuildings during 2006-2010 period. Several Beluga companies had gone into bankruptcy in 2011.

In 2010 Stolberg had brought the U.S. financial investor Oaktree on board. Later on, Oaktree management pressed charges against the company’s founder, who was accused of having falsified the company’s figures, misleading investors with incorrectly recorded revenues.

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Offshore WIND Staff, February 1, 2013; Image: rivertoncity